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  • FIRST POST
    • LadyP01
    • By LadyP01 23rd Apr 17, 10:10 PM
    • 84Posts
    • 220Thanks
    LadyP01
    16,000 debt, turning regret into positive action.
    • #1
    • 23rd Apr 17, 10:10 PM
    16,000 debt, turning regret into positive action. 23rd Apr 17 at 10:10 PM
    So here i finally am, writting my debt free journey out for you all to read.
    I had my LBM back in febuary when i finally relised that my attempts to be debt free were failing me. I had just purchased alot of holidays and spent alot of money redecorating, i soon relised i was undoing all my hard work.

    When i relised something needed to be done this was my financial situation:
    Loan - 10,000 - only had 800 paid off
    Credit card 1. -2,900
    Credit card 2 - 2,600
    Overdraft - 40

    I decided to get a loan total out of 16,000 this was obviously a little more then i needed but i put i decided to borrow more to start an emergency fund from day 1 so that i avoided having to borrow on credit again.
    I cut off my overdraft so that is gone, so now i just have a 16,000 loan!!!!!!!

    This is now technicly my second month moving into my third month of debt busting and so far im really pleased with how hard iv worked. Iv decided to use a savings account to hold all my savings till september with the hopes of having 10,000 to make a dent in that loan on a repayment. Then i can pay off the final 6000 on a 0% credit card and continue paying it off interest free.
    My progress so far in my savings account is: 5,645.60

    I have a long way to go!!!! But i feel i have been doing some massive savings already to knock away my debt. I really want to be debt free in 2018 and im desperate to make this happen.

    I will do a spendings break down on here later i forget what you call it to show how im spending my money. Iv been coming up with lots of ideas to save myself money and get back into the black.

    Thank you for reading, hope i didnt go on to much... Need to keep this motivation going

    Quick update:
    Its now June and i have officially brought my debt total down to 9428

    Keeping motivated
    Last edited by LadyP01; 03-06-2017 at 11:36 PM. Reason: Update
Page 3
    • LadyP01
    • By LadyP01 25th Jun 17, 11:18 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    What a few weeks. Not been on as iv had internet issues and I think that's made a difference to my spending as I couldn't track as well as normal and had some big spends but the spends were planned for so iv just got to sit down and work it all out again and make sure I stay on track. Off to read everyone's posts to keep me motivated
    • Hiddenidenity
    • By Hiddenidenity 25th Jun 17, 11:24 AM
    • 4,230 Posts
    • 26,372 Thanks
    Hiddenidenity
    Keep going! you're doing fab.
    • LadyP01
    • By LadyP01 27th Jun 17, 6:01 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Thank you hidden identity

    Had a good day yesterday, had to pay out for phone repairs but it was a lot cheaper then it could have been. Also picked up a good gift in primary to put aside for Christmas and found there candle range, smells great and there so cheap so iv purchased one to try and if it's good and lasts I'll get a couple as stocking fillers as the smallest ones are only 1.

    Budget is all set for July. Busy month for us with a holiday and some birthdays. So the money I'm actually putting towards paying off debt is low in July. I still think there's room for some more savings so as the month goes on I'm going to see what I can cut, stay in more etc.
    I also have about 80 in expenses I need to chase so that is a to do for this month.
    • Chandelier.
    • By Chandelier. 27th Jun 17, 10:36 AM
    • 511 Posts
    • 1,381 Thanks
    Chandelier.
    Sounds like you're doing well .

    July/August always seem to be the busier/spendier months here too. Just think of it this way though, the payments may be low but you're still making a payment regardless .

    I'm finding although I have a budget in place I'm still able to find ways to save money in different areas. At times I overestimate what I actually need to pay out and move this into the pot for the next month.

    Have a good day
    • LadyP01
    • By LadyP01 28th Jun 17, 6:33 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    I find the same especially my food budget, last month I cut it right back to 10 and made use of everything in the house rather then buying new stuff.

    Woke up to some great news this morning... I got a bonus! So that's 200 extra I have to throw at debt so should bring some of that debt back down.

    I am wondering if anyone has any advice for holidays? We're having a two week holiday that we planned before I started this but I still want to go. I go out once a month as this is a compromise I'm happy to make so I can have this holiday. I have already saved up the budget for the holiday so the money is there. I'm looking to do it mse though. And although iv looked st self catering I'm wondering if its actually cheaper? Is we were to spend 50 on food and drink a day each that's 700 and then the holiday would be around 300. We have Oportunitys to bring that down say to 35 a day depending on the country and 1000. if we have breakfast and lunch on the apartment but that still brings the total to 790. All inclusive is looking at around 900- 1200 but we could eat like kings. I'm a true self catering holidayer and always have been so I know all the tricks in that department but this is two weeks so I'm stuck on what really will be value for money.
    • MandM90
    • By MandM90 28th Jun 17, 6:50 AM
    • 1,299 Posts
    • 6,098 Thanks
    MandM90
    Hi LadyP01, do you have all the money saved for the holiday? I would start from what you have in your fund, and then look around, rather than looking and trying to stretch your budget and extending the time you have this nasty debt hanging around your shoulders. You've done so well and it would be horrid to tarnish a holiday with regret/guilt! All inclusive makes you feel like you're eating like a king but it's usually all cheap carbs and booze.


    Would you consider camping on the south coast or something? When we were in debt we got a tent for 70 from eBay and went camping. We put spices, herbs, drinks etc in the back of our car and then cooking was no more expensive than home. We had a pub lunch one day and the rest of the time we did free things (museums, sunbathing, walks, cycling)...just a thought. Otherwise, I'd find the cheapest break abroad you can find. There will always be more holidays but being free of this debt feel far better than any money spent now.


    Glad you've cut down the Gifts and Christmas section. Was going to jump in and say that we spend less than you on both of those, as a family of three with no debt and two higher rate taxpayers. We only buy for kids, everyone else gets jars of homemade jam or I sew them something. On Xmas morning we host a buffet breakfast for family and that's our 'gift' to them, but of course it's done on the cheap!
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • LadyP01
    • By LadyP01 28th Jun 17, 10:51 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Hey mandm90 thanks for the advice loving the sound of the Christmas breakfast. I'm loving finding all these great gifts for everyone on the cheap I'm always so savvy but this year I'm more so.

    Iv just had a frank conversation with oh about the holiday and I said I'd look into cheaper options maybe reducing the time. We are going in winter so abroad is the ideal but I said we need to think about what we really want. I have the money already sitting there waiting for pay for the holiday I also have my money for airport parking, insurance and some holiday clothes that will all come from charity or sales sorted aswell so no extra expense but if I can save some of that money I can chuck it on the debt pile. I'm thinking one week self catering is going to be the cheapest option x
    • LadyP01
    • By LadyP01 1st Jul 17, 10:58 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    First weekend of the month and I'm off. Thinking of cooking up a picnic and taking the oh for an outdoor dinner picture at a view point.

    Also this weekend I want to get around some charity shops and see what's about.
    I need to wrap some presents for my friends.
    Buy some bits from the pound store I wanted to put with gifts.

    I also want to look at the food shop. I don't actually pay for the food shopping but I do top it up with fresh fruit and veg mid week. We've hit even more financial strain as everyone is feeling the pinch and I'm mid shake down so I want to have a look at the forums for cheap healthy meals we could be making. Cheaper then ones we already currently have.

    This morning I need to pay my card and make sure I have paid all my bills and put money where it needs to be
    • LadyP01
    • By LadyP01 1st Jul 17, 1:00 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Bills done �� Iv paid off another 766 to my debt.

    This month will be slow and that will be my lot as like iv said before I have a birthday outing, weekend away, I also have an mot due aswell. All of these things iv already saved for and put aside. Iv known they are coming since I started this journey so I had been putting money away each month ready for it.
    • dionysia
    • By dionysia 1st Jul 17, 1:54 PM
    • 63 Posts
    • 131 Thanks
    dionysia
    766 off your debt is great, well done! And well done for having everything planned out and money set aside for the upcoming costs - I'm just at the point of starting that now and knowing I understand what's coming and what it means for my spending/debt plans is helping so much.
    June 2017: owe 16,818.
    • LadyP01
    • By LadyP01 2nd Jul 17, 12:22 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Thanks dionysia, as you know iv popped by your board nice to see other people tackling the same debt as me I don't feel like such a fool then.

    Today is a job smashing day and cleaning etc so my main goal is to sort out the presents iv purchased and get them all wrapped and see what else I need.
    Struggling for a 3 year old boy ATM so any ideas would be great. Need to keep it lowish as his brother had a hand made present that only cost 10 because that's what he wanted but I like to keep it even between them.

    Iv also spent a lot of the weekend talking with the oh about kids and mortgages and I really want to be building a future for us but I feel so foolish building this debt and realising so late that I needed to truly sort myself out so I can start to have a family.
    The mortgage is what I worry about and how long it will take me to build up a deposit. My debt free day will be next summer and then it won't end as I need to save for the mortgage. I'm just wondering if I'll ever get there. Will I hit my goal of looking for a property by next Christmas? If I do the maths I should be ok but it also makes me angry as I could have had 16,000 extra to go towards my mortgage.
    I'm also thinking more about this holiday. I don't need to go yes we would love to go and we still want to go but on reflection that 1000 will get me to where I want to be quicker it's just heart breaking to give up something that you want so badly. Although I want a future and a house more then I need to have that holiday I guess.
    Just having one of those days
    • Hiddenidenity
    • By Hiddenidenity 2nd Jul 17, 3:49 PM
    • 4,230 Posts
    • 26,372 Thanks
    Hiddenidenity
    I agree amazing amount paid off
    • LadyP01
    • By LadyP01 2nd Jul 17, 3:59 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Thanks hiddenidentity. Iv been going over it a lot today and I'm really pleased but it's just focusing on what more I can do to get to where I want to go as we all know there's always more savings to be made.
    • LadyP01
    • By LadyP01 3rd Jul 17, 7:07 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    So yesterday's tasks finished. Two people are complete for Christmas. 4 more birthdays left to complete no idea what to get so need to get out and about for ideas. I'm heading to London so going to head to a few of the fun and cheap shops for some stocking fillers for everyone.

    Also need to have a look at all my accounts today and book an mot in. Again already have the money for the mot. I think there may be enough money in my present fund that I can stop paying into it and that money can go towards my debts.
    • LadyP01
    • By LadyP01 3rd Jul 17, 10:43 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Spent all weekend crunching numbers and reminding myself of my goal and if I work hard I will get there that is inspired me to trim my budget even more this month. Iv said before there's always savings to be made and I was living in luxury in my terms so it's been trimmed.

    Iv now paid off another 35 bringing this months total debt repayment to 801. Didn't think I'd get any more but manager to squeeze it dry. Can't miss what I don't have.

    I still have the 80 worth of expenses to claim so I'm hoping to get both of them this month and that will go straight to the debt repayment.

    I'm so close to the 8999 mark I reckon if o can get those expenses and I really am tight this month I might make it. Well if I can find 80 hiding somewhere? Maybe not but I am so close.

    I'm meeting a friend for lunch so I'm going to suggest a picnic. Iv also planned a weekend in so I'm looking at a really good no spend week.
    I have an external work meeting on Thursday, my travel will be paid for I'm sure I can claim for a coffee and I'm going to take my own food so I'll have to eat lots on the train before I meet other people and then make sure I have some food for the train back.
    • enthusiasticsaver
    • By enthusiasticsaver 3rd Jul 17, 11:41 PM
    • 4,674 Posts
    • 8,840 Thanks
    enthusiasticsaver
    You seem to be doing well with bringing the debt down but struggling with your priorities. If you want to save for a deposit then perhaps you could knock holidays on the head for a few years and focus on getting a house. You have to decide which is more important to you and yes you can kick yourself for getting into debt which has delayed your other goals but learning from past mistakes is a better use of your time. Good luck anyway.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • LadyP01
    • By LadyP01 4th Jul 17, 9:05 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Hey enthusiasticsaver this is what I'm struggling with right now. Iv floated the idea of not going away and I think in my head iv already come to that decision that I'd rather put that 1000 into debt repayment, in my head iv already spent that money in my debt budget pushing my debt free day a month ahead.
    But we're a partnership and make those decisions together so I'm going to be making subtle hints about not going from now on.
    It's so hard as it's something iv wanted to do all year and have saved so hard for and sacrificed but I agree with you that it needs to be kicked to the curb it's one holiday but my future is more important.
    • dionysia
    • By dionysia 4th Jul 17, 12:48 PM
    • 63 Posts
    • 131 Thanks
    dionysia
    You're doing really well! Your determination really shines through. Being sorted for Christmas already is amazing - so when everyone else is stressing about present shopping you're all done and all the spend is a long way in the past.

    The holiday decision sounds very difficult. I just went on one before getting into proper debt-busting mode, the flights which were the main cost were non-refundable so I didn't want to cancel but the overall cost was a couple of months of my minimum payments so I'm thinking a bit wistfully now of having put it to my debt. On the other hand I know it's going to be probably two years to pay off my debt and I want to live in that time too!
    June 2017: owe 16,818.
    • LadyP01
    • By LadyP01 4th Jul 17, 10:59 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Yh I agree it's weighing it up isn't it. We had a few holidays already paid for so we have gone on them but this last one is one I can make a choice on.
    • LadyP01
    • By LadyP01 5th Jul 17, 10:21 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Nsd yesterday but today I had to get some bits from the shops so spent 8.

    Some of my expenses have been approved so they will be with me soon.
    High spends tomorrow as I'll have to claim everything back on expenses but iv done my best to keep costs down.

    Not much else has happened, had a look at what our combined salaries would look like once we have a house and if we both clear out debt first we will be in a very good position. Also looked at the kind of house we could afford and again the future looks brighter then I thought it would be so we have options. This drives me more and shows me im going in the right direction.
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